All Forum Posts by: Tyrone Miller

that's good to know!!  I now have some multiproperties here in TX!  One less thing to worry about. Thanks!!

I would definitely go with what you have the passion for!  However, you should check out the market in your area to determine what is filling right now.  For instance, I have a commercial building that I cannot fill, but in my area my multi-family properties are rented within a week or two after they are open.  Find out what is in demand in your area!

I would look into this closer.  This happened to us in Michigan and our taxes went up because our tenants were not paying for their water, trash, and sewage bills for the year and the city did not let us know but just raised our taxes!  This may not be the case, but look into it for sure.

Unfortunately not, but I have told him about it.  I'll try to get some more information about it for you.

Of course its possible!  Good luck!  My brother attended one of these and he did a $7000 deal a short while afterwards!!

I live in Tyler, Texas.  There  is not a lot of multi-family inventory in the area directly surrounding Tyler.  We have bought 3 the past year or so and there is not much else on the market that has good numbers.  We have toyed with the idea of buying some land and developing our own duplex community.  Is this advisable and if so, what should I be reading or doing to prepare for this?

Thanks,

TJM

Of course not! We have ours in LLC's but you don't need to own them in an entity. You'll definitely want to talk to an attorney and a cpa for more advice in your area!

Thanks!  The house is on Lexington just north of 21 mile. 

Whatever you decide on make certain that they will maintain the property!  We are going through a near total rehab after tenants left that we thought were going to be great and even purchase the home a few years after the rented.  Turned out they were "Professional Renters".  They stopped paying the water, trash, and sewage which was added to our tax bill every year without our knowledge and they destroyed the house.  They were a married couple with multiple children and seemed like excellent candidates!  Both of yours sound good, but be careful and I wouldn't worry about short term tenants if they will pay and keep up the property.

Well, our first true rental property has gone on the market in Macomb, MI.  We have a large home that we bought about 7-8 years ago and have had a good time owning it until we encountered our last tenants.  We rented to them for about 3 years and they were late a lot, but always paid.  We eventually evicted them because we wanted to sell the property because we now live in Texas.  Unfortunately once they were evicted we discovered that our tax bill went up a few years ago because our tenants stopped paying their water, trash, and sewage bills!  Apparently the city of Macomb, MI just adds that on to the owners taxes if it is not paid!  Who knew?  Well we got them out and had some contractors fix up the place which cost us over $20,000!  They ripped up everything!!  Well its fixed now and on the market and we have a buyer!  Unfortunately, the inspection now shows roof damage and mold in the attic!  Got to love the middle east winters and the thaw that follows.  I suspect it'll cost another $10,000 to fix the roof and mold.  Lessons learned I guess!

Have a property manager that routinely checks your property.

Vet your renters and pay a little extra in mortgages up front to get people you want.

Never give a contractor your credit card number!  They overcharged us $3000!

Try to personally be involved as much as possible to avoid issues at inspection.

We shall see how this pans out, but never the less, our properties here in Texas are doing well and will more than make up for the issues with the Macomb MI house!

Thanks

TJM